LAFAYETTE HILL, PA–BET Investments acquired a 216-unit apartment community here with $25.5 million in Fannie Mae DUS financing arranged by Berkadia Commercial Mortgage.
Berkadia's Jim Badolato worked with borrower a BET subsidiary to secure the 10-year loan. For the acquisition of Lincoln Woods, a garden-apartment complex. The loan represented 80% of purchase price, plus a short-term capital improvements budget.
Developed in 1991, Lincoln Woods is a located along Germantown Pike, adjacent to Whitemarsh Country Club in this Montgomery County community. It is one mile north of the Chestnut Hill business district.
"BET's ability to approach the acquisition with speed and certainty produced a compelling price point in today's heated apartment market,” said Badolato. “While the property has been well kept, there is a clear opportunity to improve performance with unit upgrades and BET's locally-based management."
BET Investments has been active in buying multi-family properties: Over the last six months, the company has acquired over 1,000 units in the Philadelphia Metro area.
“We are excited that we were able to acquire this well-located property and increase our Philadelphia area apartment holdings,” said Michael P. Markman, BET president. “Berkadia was instrumental in assisting in the execution of this transaction so that all parties could complete this transaction in a seamless manner.”
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